More bad new as yet another major telco supplier bites the fiscal dust. Infrastructure equipment vendor Nortel Networks has today moved for Chapter 11 Protection.
Nortel Networks, which faces a $107 million bond interest payment this week, filed for Chapter 11 protection in U.S. liquidation Court in Wilmington, Del., dragged down by a sudden drop in demand for its formerly lucrative voice-only telecom network.
In 2000 Nortel was worth an estimated $250bn.
What more can you say, with Alcatel-Lucent in the deep sticky,. Nokia selling off non-core businesses, and as I type this rumours have just that Chinese "Cisco alike" Huawei may be intersted in buying Nortel , whilst Nortel is a nominally a Canadian company I can't see the American Government smiling on that one. Expect Cisco to enter the fray...
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